FX News

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Cable had a choppy day on Friday - Sterling started with an attempt to claw back some of the losses from earlier in the week, but finished around the 1.3900 area. The headline US GDP figure was strong, showing a 1% increase versus the market consensus of 0.4%.

Of late we have noticed periods of heightened volatility and rallies followed by times of limited price action and consolidation with sideways trading on the Majors. Investors are struggling for clarity and direction as the Euro and Pound are suffering from a potential Brexit, and the US future is unclear.

UK Growth Domestic Product prints this morning - we wait to see if the economy will surpass its previous 1.9%. GDP is fundamental in determining the measure of the total value of goods and services produced in the UK and usually plays a vital role in controlling the strength of Sterling.

It was a day of mixed outcomes for the Dollar against its major pairs yesterday as we saw it up against Sterling amidst fears of a Brexit, but down against the Swiss Franc as economic data coming out of Europe was mixed.

Sterling suffered yesterday with GBP/USD hitting a seven-year low of 1.4057. This was linked with current Pound weakness following from US CPI figures unexpectedly surpassing the Fed’s 2% inflation target last Friday. Cable did manage to claw back some of those losses and opened today at 1.4150.

Following a 48 hour summit last week, UK prime minister David Cameron finally penned an agreement with the EU which he and other the member states felt was beneficial for both parties. A date was the set for the in/out referendum for June 23rd, and the Pound benefited from the breakthrough.

US CPI figures from January headline the economic data docket as the trading week nears closing. It is predicted that Core YoY inflation will remain unchanged at 2.1%. Slight gains on the Philly Manufacturing Index along with a fall in unemployment claims yesterday set up the Dollar for a strong...

The Federal Open Market Committee (FOMC) meeting minutes released yesterday were dovish, however there was little change in the markets given that there was nothing in the minutes that Yellen hadn’t mentioned in her recent congressional testimony.

The Federal Open Market Committee (FOMC) will speak this evening regarding America’s monetary policy, outlining economic and financial conditions. Hopefully, this will give us a clear indication of what to expect in terms of their future interest rate policies.

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